Question: 1. Distinguish between a current liability and a long-term debt. 2. How are the terms probable, reasonably possible, and remote related to contingent liabilities?

1. Distinguish between a current liability and a long-term debt.

2. How are the terms " probable", "reasonably possible", and "remote" related to contingent liabilities?

3. Differentiate between a fixed rate mortgage and a variable-rate mortgage.

4. How should discount on bonds payable be reported on the financial statements?

5. What about premium on bonds payable?

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